Here’s the News Moving These 4 Heavily Traded Stocks
Citigroup Inc. (NYSE:C): Supervisory guidance related to stress-testing bank practices (for banks with total consolidated assets above $10B) were released today by the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation. The report read: “The guidance highlights the importance of stress testing at banking organizations as an ongoing risk management practice that supports a banking organization’s forward-looking assessment of its risks and better equips it to address a range of adverse outcomes.” This is not implementation of the stress-test requirements in the Dodd-Frank Act or the Federal Reserve Board’s capital plan rule, applicable to certain companies.
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General Electric Company (NYSE:GE) affiliate former executives Dominick P. Carollo, Steven E. Goldberg and Peter S. Grimm have been pronounced guilty by a New York City federal jury for participation in conspiracies in bidding for contracts for municipal bond proceed investments and other municipal finance contracts, as well as being found guilty on all remaining counts from a succeeding indictment in the U.S. District Court for the Southern District of New York.
Cisco Systems, Inc. (NASDAQ:CSCO) CEO John Chambers’ statement last week that placed blame for the company’s less-than-hoped-for earnings on weak corporate tech spending caught the ear of stocks and tech investors. It is true that Europe—a notable spender on business software, services and networking gear—is the source of many Cisco troubles. Notably European governments, which could have colored Chambers’ less than positive outlook on corporate spending, according to Barron’s. However, Intel (NASDAQ:INTC) CEO Paul Otellini does not report seeing a change in IT spending. Intel, however, is more invested in up-and-coming markets like China, India and Brazil, and less so on Europe.
Yahoo! Inc. (NASDAQ:YHOO): According to the Wall Street Journal, recently resigned Yahoo CEO Scott Thompson reported having been diagnosed with thyroid cancer to the company’s board of directors before his departure.
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